Warren Buffett says autonomous vehicles could "hurt" Berkshire Hathaway
Buffett speaks Warren Buffett is paying close attention to autonomous technology making its way into cars and trucks—and believes the A.I. could one day impact the bottom line for Berkshire Hathaway's portfolio of investments. Buffett spoke about his concerns at Berkshire Hathaway's annual meeting on Saturday, specifically seeing autonomous trucks, for example, as "...a lot more of a threat than an opportunity," said Buffett, according to Fortune.
Buffett is chairman, and the largest of shareholder, of Berkshire Hathaway which has, among its holdings, the railroad Burlington Northern Santa Fe. Self-driving trucks, which are being explored by companies including Uber and Tesla, would substantially reduce the costs associated with the business by not having to pay drivers. Buffett's concern is autonomous vehicles would offer cheaper freight options than railroad, which would in turn hurt his investments.
Although Buffett believes this scenario is sometime away, perhaps 20 years, his track record indicates that he is going to watch the autonomous vehicle industry—closely.
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